The Bangko Sentral ng Pilipinas (BSP) has granted authority to listed Philippine Business Bank (PBB), the financial arm of the Yao Group of Companies, to open 21 new branches this year.
In a statement released on Wednesday, PBB said the opening of additional bank branches would help expand its footprint in the Philippines.
“The vision of the bank is simple: to build business communities in the places where we are,” said Rolando Avante, PBB president and chief executive officer.
Catering mostly to the small and medium scale enterprises (SME), the new PBB branches will be located in Taguig City, Cebu and Davao provinces, San Pedro City in Laguna, and Dipolog City in Zamboanga del Norte, among others.
“We are making a difference by widening our presence across the country, A total of 100 branches today, we are building 21 more this year to reach more people, more business partners we can,” Avante said.
“The bank will apply five more licenses to restricted areas in the second quarter of the year—two in Manila, two in Quezon City and one in Paranaque,” he said.